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  • BUSITAX (Final Output)

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    Ivan Anabo
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    The document provides details of taxes owed by an individual including estate tax of P72.69 million on a taxable estate of P1.211 billion, VAT payable of P10.885 million, and business taxes totaling P55,100 comprising common carrier's tax, gross receipts tax, amusement tax, and tax on winnings. Schedules are included breaking down the calculations for output VAT, input VAT, and various income amounts used to compute gross receipts and other taxes.

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    The document provides details of taxes owed by an individual including estate tax of P72.69 million on a taxable estate of P1.211 billion, VAT payable of P10.885 million, and business taxes totaling P55,100 comprising common carrier's tax, gross receipts tax, amusement tax, and tax on winnings. Schedules are included breaking down the calculations for output VAT, input VAT, and various income amounts used to compute gross receipts and other taxes.

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    61 views5 pages

    BUSITAX (Final Output)

    Uploaded by

    Ivan Anabo
    The document provides details of taxes owed by an individual including estate tax of P72.69 million on a taxable estate of P1.211 billion, VAT payable of P10.885 million, and business taxes totaling P55,100 comprising common carrier's tax, gross receipts tax, amusement tax, and tax on winnings. Schedules are included breaking down the calculations for output VAT, input VAT, and various income amounts used to compute gross receipts and other taxes.

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    © All Rights Reserved
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    of 5

    Kathleen L.

    Verzosa BSA-3
    BUSITAX SC: 289

    ESTATE TAX

    Car Donated by the decedent to his driver Kevin


    1,500,000

    Yacht 15,000,000

    House and Lot – Calbayog, Philippines 8,000,000


    (Permanent Residence)
    Vacation House - Canada 50,000,000

    15 cars 150,000,000

    Interest in different establishments 500,000,000

    Cash in Bank 250,000,000

    Condominium Units 100,000,000

    Other Personal Properties 100,000,000

    Proceeds from insurance 50,000,000

    Receivables 2,000,000

    Total Gross Estate P 1,226,500,000

    Less: Allowable Deductions

    Claim against the estate (5,000,000)

    Claim against insolvent persons (2,000,000)

    Net Estate before special deductions 1,224,500,000

    Special deductions:

    Family Home (8,000,000)

    Standard Deductions (5,000,000)

    Net taxable estate 1,211,500,000

    Tax Rate x 6%

    Estate Tax Due P72,690,000


    VAT

    Output Vat

    Regular Sales (See Schedule 1) P17,040,000


    Government Sales 1,200,000
    (10,000,000x12%)
    Effectively zero-related sales 0
    (50,000,000 x 0%)
    Vat-Exempt Sales 0
    Total Output VAT P18,240,000
    Input Vat
    Vatable Transactions (See schedule P24,903,346
    2)
    Standard Input Vat-Government 700,000
    Sales
    (10,000,000x7%)
    Zero-rated sales (See schedule 4) 3,022,305
    Total Input VAT 28625,651
    VAT Payable (10,385,651)
    Final withholding VAT (500,000)
    (10,000,000x5%)
    Net VAT Payable/(refundable) P (10,885,651)

    Schedule 1:
    OUTPUT VAT FOR REGULAR SALES
    Sale of Merchandise Inventory P100,000,000
    Sale of Beagles and Rottweiler 30,000,000
    Sale of roasted chicken (for dine-in) 10,000,000
    Gardening Services 2,000,000
    Total 142,000,000
    VAT rate 12%
    Output VAT P 17,040,000

    Schedule 2:
    INPUT VAT FOR VATABLE TRANSACTIONS
    Purchases for Regular Sales P 6,000,000
    (50,000,000x12%)
    Importation (P157,000,000x12%) 18,840,000
    Allocated Input VAT on the purchases and 63,346
    services
    common to all tranactions (See schedule 6)
    Total Input VAT (Regular Sales) P 24,903,346
    Schedule 3:
    INPUT VAT FOR GOVERNMENT SALES
    Purchases for government sales P 360,000
    (3,000,000x12%)
    Allocated Input VAT on the 4,461
    purchases and services common to
    all transactions (see
    schedule 6)
    Total Input VAT (Government) P 364,461

    Schedule 4:
    INPUT VAT FOR ZERO-RATED SALES
    Purchases for effectively zero-related sales P 3,000,000
    (25,000,000x12%)
    Allocated Input VAT on the 22,305
    purchases and services common to
    all transactions (see
    schedule 6)
    Total Input VAT (Zero-Rated Sales) P 3,022,305

    Schedule 5:
    INPUT VAT FOR VAT-EXEMPT SALES & IMPORTATION
    Purchases for VAT-exempt sales P 240,000
    (2,000,000x12%)
    VAT-exempt importations (12,000,000 x 12%) 1,440,000
    Allocated input VAT on the purchases and 29,888
    services
    common to all transactions (see schedule 6)
    Total Input VAT (VAT-exempt Sales) P 1,709,888

    Schedule 6:

    Total Input Vat on purchases and services P 120, 000


    common to all transactions (P1,000,000 x
    12%)
    Government Sales 4,461
    Effectively zero-related sales (120,000 x 22,303
    50/269)
    Vat-exempt sales (120,000 x 67/269) P 29,888
    Output
    VAT
    Effectively zero-related sales P0
    (P50,000,000 x 0%)
    Input
    VAT
    Zero-rated sales (see schedule 4) (3,022,305)
    Input VAT available for refund (3,022,305)
    OPT
    Common Carrier’s Tax P 21,000
    Gross Receipts Tax 6,100
    Amusement Tax 18,000
    Tax on winnings 10,000
    Total Business Tax P 55, 100

    Exhibit A
    Gross Receipts from:
    Transport of goods 100,000
    Transport of passenger 200,000
    Transport of cargoes 400,000
    Total 700,000
    Tax rate 3%
    Common Carrier’s Tax P 21,000

    Exhibit B
    Rent Income (P 30,000 x 7%) P 2,100
    Dividend Income from a domestic 0
    corporation
    (80, 000 x 0%)
    Interest Income from:
    5 years loan (50,000 x 5%) 2,500
    2 years loan (20,000 x 5%) 1,000
    1 year loan (10,000 x 5%) 500
    Total Gross Receipt P 6,100

    Exhibit C
    Gross Receipts from Cockpit Operation P 100,000
    Tax Rate 18%
    Amusement Tax P 18,000

    Exhibit D
    Horseracing Winnings P 100,000
    Tax rate 10%
    Tax on winnings P 10,000

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